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It has lost £1.7billion of value in the past 12 months.
The group warned on profits last November and in January said 2014 profits would be lower than 2013.

It has been hammered by a failure to win new work and a huge debt pile. Worst of all was the Government’s decision to temporarily block it winning new work for six months after it overcharged for electronically tagging offenders.

In February, Soames quit as boss of power firm Aggreko to take the Serco job following the departure of Chris Hyman in October.